NEW DELHI: Post the Real Estate (Regulation and Development) Act, 2016 the increased transparency will bring in more money in the real estate sector, said Sriram Kalyanaraman, MD & CEO, National Housing Bank.

Kalyanaraman was speaking at India Realty Congress 2017 organised by ETRealty, in association with NAREDCO.

He further added that Indian real estate sector which is also the second largest employer has a high growth possibility with government initiatives such as Housing for All and affordable housing.

He however admitted that average growth has witnessed a slowdown in the last few months.

“Direct cost may go up, but do to value engineering and streamlined process, the overall cost will go down,” said Amit Bhagat, MD & CEO, ASK Property Investment Advisors, who was part of the high-powered panel discussion on Funding projects post RERA.

According to Manish Agarwal, VP, Rising Straits Capital Advisors, opportunities for consolidations are coming. “However, in the long run, due to the compliance requirement in RERA, the smaller developers will have to consolidate. So big developers will get bigger,” he said.

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Currently, the Goods and Services Tax (GST) is levied at 12 per cent on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale.